"25 August 2018" Archive

Loss of security deposit against rented premises is business loss

M/s Outworks Solutions [P] Ltd Vs The J.C.I.T. (ITAT Delhi)

M/s Outworks Solutions [P] Ltd Vs JCIT (ITAT Delhi) No doubt, the assessee claimed write off as bed debt but it is equally true that the assessee did explain the sequence of events which prompted it for the said write off. There is no denying that the assessee does not fulfill the conditions mandated in […]...

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Contributions cannot be treated as Anonymous If Name & Address of Donee is Available

Dhirendra Pal Singh Institute Vs JCIT (ITAT Agra)

Dhirendra Pal Singh Institute Vs JCIT (ITAT Agra) The receiver of the donations has maintained the register of donors indicating the names and addresses of the donors and their identity as well in the form of Voter Card, Bank account, etc. The CIT (A) has found and opined in his order that these donations have been […]...

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Product Development expense for existing line of business is revenue expenditure

M/s. Nov Sara India Pvt. Ltd Vs Addl. CIT (ITAT Delhi)

M/s. Nov Sara India Pvt. Ltd Vs Addl. CIT (ITAT Delhi) Software development expenditure which was held to be capital expenditure by the Assessing Officer holding that it has given a benefit of enduring nature to the assessee. The claim of the assessee is that same is a license fee and, therefore, it cannot be […]...

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ICSI represents on Name Availability, Company Incorporation, DIR 3 KYC & DIN Issues

This is in continuation to the meeting held with your goodself on August 16,2018. As you are kindly aware, the Institute of Company Secretaries of India has always pioneered the cause of good governance, the implementation of the law in true letter and spirit while keeping in sight the best interests of all stakeholders....

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Posted Under: Income Tax |

ICSI represents on 7 Practical issues in Companies Law Rules

Sir, the Institute of Company Secretaries of India has always championed the implementation of the provisions of the law in true letter and spirit so as to promote and pursue good corporate governance. At the same time it has always held an empathetic view towards the concerns of the stakeholders....

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Posted Under: Income Tax |

Understanding Determination of place of supply and connected issues in GST

Hello friends, Greetings of the day! In this article, the provisions of the place of supply has been discussed with examples. ♠ GST is destination based consumption tax. Place of supply is that destination where the services or goods are deemed to be consumed. ♠ Determination of place of supply is important to ascertain the […]...

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Posted Under: Income Tax |

Manufacturer can claim Terminal Excise Duty Refund on supply of Goods to 100% EOU

M/s. Motherson Sumi Electric Wires Vs Union of India & Ors. (Delhi High Court)

In the instant case supplies of goods were made by the petitioner to other divisions of MSSL which had a status of EOUs. The pivotal point is that the FTP 2009-2014 conferred a right on the petitioner, who, admittedly, was a DTA supplier, at the relevant point in time, to seek refund of TED, as the supplies had been made to 100% EOUs, alb...

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Assessment U/s. 153C not valid in Absence of incriminating material

Shri Balaji Builders Kakinada Vs ACIT (ITAT Visakhapatnam)

Shri Balaji Builders Kakinada Vs ACIT (ITAT Visakhapatnam) Merely because books of account could not be traced at the time of survey/search, it could not be presumed that the books of account were not maintained unless all the efforts were made by AO. Further As per the provisions of section 153C of the Act, it […]...

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Royalties and Fees for Technical Services [Article 12]

Whether or not the royalty/fees for technical services is taxable in India in the hands of the non-resident, will depend on provisions of Income Tax Act, 1961 (‘Act’) and the relevant Double Taxation Avoidance Agreement, if any. Further whether such royalty/ fees for technical services will also be taxed in the home country of the rec...

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Posted Under: Income Tax |

Home Loan Interest deduction on House Property under co-ownership

Shardaben Bhavani Vs ITO (ITAT Mumbai)

The present appeals filed by the assessee are directed against the orders passed by the Commissioner of Income Tax (Appeals)-44, Mumbai, dated 20.04.2016, for A.Ys 2006-07 and 2007-08, which in itself arises from the orders passed by the A.O under Sec. 147 r.w.s 143(3) of the Income-tax act, 1961 (for short „Act‟), each dated 14.03.20...

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Section 54F- A Fundamental Study

Section 54F of I.T. Act, 1961 aims to provide for the 100% exemption to an individual or HUF from the chargeability of Long Term Capital Gain (LTCG) that arises from the transfer of a capital asset other than a residential house (residential house being already covered u/s 54) where the assessee invests the entire amount of net considerat...

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Posted Under: Income Tax |

GST Registration Certificate: All You Need To Know

As per rule 18 of the Central Goods and Service Tax (CGST) Rules, 2017, every registered taxpayer is required to display the GST registration certificate in a prominent site at the principal place of business and also at every additional place of business....

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Posted Under: Income Tax |

Section 50C – Tax Provisions, Assessment, Case Laws

Section 50C was introduced in the Income-tax Act, 1961 by the Finance Act, 2002 with effect from 1-4-2003 for substituting valuation done for Stamp Valuation purposes as full value of consideration in place of apparent consideration shown by the transferor of capital asset, being land or building and, accordingly, calculating capital gain...

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Posted Under: Income Tax |

Understanding Deemed Dividend – Section 2(22)(e)

“dividend” includes -(e) any payment by a company, not being a company in which the public are substantially interested, of any sum (whether as representing a part of the assets of the company or otherwise) made after the 31st day of May, 1987, by way of advance or loan to a shareholder, being a person who is the beneficial owner of s...

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Posted Under: Income Tax |

Exemption Under Special Provisions – Sections 10A/10AA/10B

Article discusses Exemption Under Special Provisions of Sections 10A, Section 10AA and Section 10B of Income Tax Act, 1961. A. Section 10A- Special provision in respect of newly established undertakings in free trade zone, etc. The benefit in respect of newly established Industrial Undertaking in FTZ, EHTP SEZ or STP is Available to all A...

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Posted Under: Income Tax |

Whether Integrated Accounting is Necessary in GST Regime?

Trade & Industry is in the panic situation, especially after Advance Ruling by Karnataka Advance Ruling Authority in the case of COLUMBIA ASIA HOSPITALS PRIVATE LIMITED where the question on which advance ruling was sought on below matter: Whether the activities performed by the employees at the corporate office in the course of or in...

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Posted Under: Income Tax |

File Your Income Tax Return by 31st August, 2018

File Your Income Tax Return by 31st August, 2018 (Last date for persons whose accounts are not liable for audit) For e-filing returns of Income log on to on to https://incometaxindiaefiling.govin Consequences of not filing Income Tax Return on time ♦ Belated return cannot be revised ♦ Fee for late filing under Section 234F: i. [&helli...

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Posted Under: Income Tax |

GSTR-1 & GSTR-3B Due Date Extended for Certain Class of Taxpayers

The Central extended the due date of GSTR-1 & GSTR-3B for taxpayers registered in Kerala, Mahe (Puducherry) and Kodagu (Karnataka), the due-dates are mentioned below: Notification No. 36/2018 – Central Tax Dated 24th August 2018 1. The return in FORM GSTR-3B for the months of July, 2018 and August, 2018, shall be furnished electroni...

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Posted Under: Income Tax |

This Women Equality Day Invest in Equality

Can a country that fails to fully utilise almost 49% of its most precious resource — human capital — hope to prosper economically? Unfortunately, even as we prepare to celebrate yet another Women’s Equality Day today, there’s no escaping the harsh reality that Indian women, i.e., 49% of the population, remain as most under...

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Posted Under: Income Tax |

Regarding New Item Published on 17th December 2010

This is with reference to our post dated 17 December, 2010, wherein we had mentioned about the 2G Spectrum Case and alleged involvement of Mr. Doulat Jain, Mr. Mahesh Jain, Mr. Rajesh Jain and JG Group of Companies. Accordingly, it has been informed to us that Mr. Doulat Jain, Mr. Mahesh Jain, Mr. Rajesh Jain […]...

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Posted Under: Income Tax |

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